Pension Term Protection
There are 2 types of pension Guaranteed Term Protection
Personal Pension Term Protection
Personal Pension Term Assurance provides a lump sum amount for your family in the event of your death before you reach retirement.
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Under current legislation, tax relief is available at the rate of income tax you pay, just like personal pensions.
The cover lasts until you reach retirement age, which will normally be your 65th birthday (but it may be earlier) subject to Revenue terms & conditions.
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Individuals who can avail of Personal Pension Term Protection are
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self employed and your income is assessed for Income Tax under Schedule D; or in paid employment but not included in your employer’s company pension plan.
The type of cover available
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Level Cover
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Increasing Cover​​​​
Executive Pension Term Protection
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Executive Pension Term Assurance is an occupational pension scheme, set up and normally paid for by the employer, so the premiums usually qualify for tax relief.If the employee dies before retirement, the lump sum amount can help their family survive without having the employee’s income to rely on.The cover lasts until the employee leaves employment or reaches retirement age, which will normally be their 65th birthday, (but it may be earlier) subject to Revenue terms & conditions.